Solve the problem.
-Find the equilibrium point for the given demand and supply curve. p = 4830 - 90x (demand)
P = 120x (supply)
A) (23, 2760)
B) (40, 1230)
C) (30, 2760)
D) (30, 2130)

Question

Quizplus · Accepted Answer

The equilibrium point is found by setting the demand and supply curves equal to each other and solving for x.4830 - 90x = 120x210x = 4830x = 23Substituting x back into either the demand or supply curve gives the equilibrium price:p = 4830 - 90(23) = 2760

Solve the Problem. -Find the Equilibrium Point for the Given Demand and Supply